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M O N T H L Y B U S I N E S S R E V I E W C o v e r i n g C o n d i t i o n s in t h e S i x t h F e d e r a l R e s e r v e D i s t r i c t . FEDERAL RESERVE BANK OF ATLANTA OSOAR NEWTON. Chairman and Federal Reserve Agent VOL. 11, No. 4 (Compiled April 17,1926) WARD ALBERTSON. Assistant Federal Reserve Agent ATLANTA, GA., APRIL 30, 1926 This Review released for publication in Morning papers of April 30. BUSINESS CONDITIONS IN THE UNITED STATES. (Prepared by the Federal Reserve Board.) In du strial ou tp u t increased in March and th e distrib ution of commodities con tin u ed in large volume owing to seasonal in flu en ces. The level of w holesale prices declined for th e fo u rth con secu tive m onth. P roduction The Federal Reserve Board’s index of production in basic in du stries in creased in March to th e h igh est level for more th a n a year. Larger o u tp u t w as show n for steel in gots, pig iron, anthra cite, copper, lumber, and new sprint, and there were also in creases in th e activity of textile mills. T he ou tp ut of autom obiles increased furth er and was larger th a n in any previous m onth, w ith th e exception of last October. Build in g con tracts awarded also increased in March, as is u sual at th is season, and th e to ta l was near th e h igh figure of la st summer. Particularly large increases in building ac tiv ity as com pared w ith a year ago occurred in th e New York, A tlanta, and D allas Federal reserve districts. Con tra cts awarded con tin u ed larger during th e first half of April th a n in th e same period of la st year. C ondition of th e w in ter w heat crop h as improved sin ce th e tu rn of th e year and on April 1 was estim ated by th e D epartm ent of A griculture to be 84 per cen t of normal, compared w ith 68.7 per cent last year and an average of 79.2 per cent for th e same date in th e past te n years. Trade Wholesale trad e showed a seasonal increase in March and th e volume of sales was larger th a n a year ago in all leading lin es except dry goods and hardware. Sales of departm ent stores and mail order h ou ses increased less th a n is u su al in March. Compared w ith March a year ago sales of departm ent stores were 7 per cen t and sales of mail order h ouses 9 per cent larger. Stocks of principal lin es of m erchandise carried by w holesale dealers, except groceries and shoes were larger at th e end of March th a n a m onth earlier, b u t for m ost lin es th e y were smaller th a n a year ago. Stocks at depart m ent stores showed slightly more th a n th e u sual increase in March and were about 3 per cen t larger th a n last year. Freight car loadings during March con tin u ed at higher levels th a n in th e corresponding period of previous years. PER CENT PER CENT Shipm ents of m iscellaneous commodities and m erchandise in less-than-carload lo ts were especially large. Loadings of coal, owing to th e large production of anthracite, were also large, w hile shipm ents of coke decreased considerably from th e high levels of preceding m onths. Prices Wholesale prices, according to th e Bureau of Labor S tatistics index, de clined by more th a n 2 per cen t in March to th e low est level since September, 1924. T he decline was general for nearly all groups of commodities and th e largest decreases were n oted in grains, co tto n , wool, silk, coke, and rubber. In th e first tw o w eeks of April prices of basic commodities were steadier th a n in March. Prices of grains, flour, and p otatoes increased, w hile prices of co tto n goods, wool, silk, bitum inous coal, pig iron, and rubber declined. Bank Credit Commercial loan s of member banks in leading cities were relatively con sta n t betw een th e middle of March and th e middle of April, at a level about $200,000,000 higher th a n at th e end of Janu ary and approximately equal to th e high point reached last autum n. C ontinued liquidation of loans to brokers and dealers was reflected in a furth er decline in th e to ta l of loans on securities, w hich on April 14 were more th a n $500,000,000 below th e high point reached at th e end of last year. At th e reserve banks an increase in th e volume of member bank borrowing during th e la st tw o w eeks of March was followed by a marked decline in th e first three weeks of April, w hich brought th e to ta l near th e low est levels of th e year. H oldings of U nited S tates securities increased con tinu ously during th e m onth, w hile acceptances de clined seasonally. Total bills and securities were in smaller volume at th e end of th e period th a n at any other time during th e year and only slightly larger th a n a year ago. Open market rates on commercial paper declined in April from 4 i- 4 | per cent to 4-4J per cent and rates on acceptances and on secu rity loans were also lower in April th a n in March. On April 23 th e d iscount rate at th e Federal Reserve Bank of New York was reduced from 4 to 3£ per cent. PER CENT PER CENT Federal Reserve Board's indexes of employment and pay-rolls (1919-100). Latest figures M arch 1926. Employment 97.2; Pay Rolls 113.0. 9 T H E M O N T H L Y B U S IN E S S Monthly averages of daily figures for 12 Federal Reserve Banka. Latest figures are averages of first 22 days of April. R E V IE W Index of value of building contracts awarded as reported by the F. W. Dodge Corporation. (1919—100). Latest figure March 231. SIX TH D IS TR IC T SUMMARY. R E T A IL TRADE. The series of sta tistic s compiled or gathered for th e Re view concerning th e sixth d istrict compare favorably w ith con d itions prevailing at th is tim e a year ago. Weather con d itions th rou gh ou t th e d istrict have n o t b een satisfa c tory. Low tem peratures have con tin u ed later in th e spring th a n u su al, and rains in some section s have in terfered seriously w ith farm work and p lantin g. T he p each crop in Georgia w as damaged considerably. This is also tru e of other crops, and replanting h as b een n ecessary in some in sta n ces. R etail trade, as reflected in th e volume of sales reported by departm ent stores th ro u g h o u t th e d istrict, compared favorably in March w ith th e same m onth in th e previous four years. W holesale trade, on th e w hole, was greater th a n in March a year ago, b u t decreases in sales were re ported in dry goods and fu rn itu re. D ue to th e decline in w holesale prices, retail m erchants are b uying w ith cau tion and are placing orders only for w hat th e y actu ally need. T he volume of b uilding perm its issu ed at tw e n ty cities in th e d istrict in March w as 24.9 per cen t greater th a n a year ago. D eb its to individual accou n ts, reflectin g th e volume of general b u sin ess tran saction s se ttle d by check, were 16.6 per cen t greater in March th a n in th e same m onth la st year. Savings d ep osits h eld at th e end of March by 91 banks in th e d istrict were 14 per cen t greater th a n at th e same tim e a year ago, and demand deposits of member banks in selected cities are reported at more th a n 8 per cen t greater th a n at th a t tim e. T he num ber of active spindles in th e co tto n growing sta te s in March, show n in th e C ensus B ureau’s report, was greater th a n h as b een show n for any previous m onth in several years. Naval stores producers for th e year w hich ended March 31, received an average of 93f cen ts for turpen tin e , compared w ith 86 cen ts th e year before, and an average of $12.70 for rosin, compared w ith $6.15 th e year before. T he current volume of sales by departm ent stores in th e six th d istrict w hich report to th e Federal Reserve B ank co n tin u es to exceed th o se reported for th e same tim e la st year. January 1926 sales exceeded th o se in January la st year by 7.6 per c e n t ; February sales exceeded sales in Feb ruary 1925 by 8.3 per cen t, and March sales show an increase of 9.1 per cen t over th o se in March a year ago. For th e first quarter of 1926, sales by th e se stores show an increase of 8.2 per cen t over th e corresponding period a year ago. Stocks of m erchandise on h a n d at th e end of March in creased 9.7 per cen t over February, and were 5.7 per cen t greater th a n at th e close of March 1925. T he sto ck tu rn over for March th is year w as in th e aggregate about th e same as for March 1925, b u t a t four of th e principal cities th e rate was lower th a n at th a t tim e. For th e first quarter, th e turnover was slig h tly b ette r th a n la st year. Out stand in g orders at th e end of March declined 22.9 per cen t compared w ith February and were 11.5 per cen t smaller th a n a year ago. A ccoun ts R eceivable were 2.6 per cent less th a n a m onth ago, b u t 8.7 per ce n t greater th a n at th e close of March 1925. C ollections during March were 3.7 per cent smaller tlia n in February, b u t were 6.3 per cen t greater th a n in March la st year. T he index num ber of sales in March (based u p o n m onthly average sales in 1919 as represented by 100), is higher for th e d istrict th a n h as b een recorded for March in four years previously. T his is also tru e of th e individual num bers for A tlanta, Birmingham, Savannah and O ther C ities, w hile th e New Orleans num ber w as equalled in March 1923, as in d icated by th e figures b e lo w : Birm Chatta Nash- New Savan Other Dislanta ingham nooga ville Orleans nah Oities trlct .117.0 154.5 90.7 106.7 111.1 81.4 91.0 110.0 93.1 106.8 91.5 101.1 65.1 82.2 .104.6 128.4 91.8 99.7 64.8 82.7 96.8 March 192493.8 119.4 107.7 93.3 105.1 82.4 103.4 129.6 96.2 98.2 110.0 83.2 85.1 84.1 94.8 75.1 . 77.0 46.5 84.7 CONDITION OF R E T A IL TRADE DURING MARCH 1926 IN TH E SIX TH FED ERAL RESERVE D ISTR IC T BASED UPON REPO RTS FROM 44 STORES 1 Net sales—percentage increase or decrease compared with: (A) Mar. 1925 Atlanta (4)......................... Birmingham (5)................. Chattanooga (5)................ Nashville (5)...................... New Orleans (5)................ Savannah (3)..................... Other Cities (17)................ DISTRICT (44).................. +11.2 +20.4 . - 1.4 — 2.2 + 3.0 +38.7 +14.6 + 9.1 2 3 Stocks at end of month, Percentage of sales to percentage increase or average stocks in Mch. decrease compared with: (stock turnover for the month): (B) (A) Jan. 1 to Mar. 1925 Mar. 31.1925 + 8.2 +14.3 — 3.1 — 2.8 + 4.5 + 7.7 +19.3 + 8.2 +11.0 + 8.2 — 8.9 - 2.1 + 3.9 +18.0 + 9.6 + 5.7 <B) Feb. 1926 + 6.4 +10.7 +11.6 + 7.0 +11.0 +10.3 + 9.7 + 9.7 (A) 1925 28.1 28.5 18.6 26.0 23.6 20.4 24.6 24.5 (B) 1926 4 27.8 25.2 24.2 25.5 22.1 25.1 25.5 24.4 4 Percentage of sales to average stocks from Jan. 1 to Mch. 31 (Stock turnover for year to date) (B) (A) 1925 1926 84.3 68.7 57.4 70.6 66.9 60.9 66.6 68.8 82.0 69.5 77.5 68.9 62.3 61.2 77.2 69.7 5 Percentage of outstanding orders at end of month to purchases during calendar year. 1925: (B) (A) Mar. Feb. 6.1 6.9 4.1 4.8 9.4 13.5 8.5 7.6 4.4 6.0 4.5 2.2 8.0 9.0 4.9 5.7 T H E M O N T H L Y B U S IN E S S WHOLESALE TRADE. T he volume of sales in March reported by 135 w holesale firms th ro u g h o u t th e sixth d istrict was in th e aggregate greater th a n for th e preceding m onth or th e correspond in g m onth a year ago. Of th e eight lin es of trade covered by th e se reports for March, increases over February were show n in all b u t hardware, and March hardware sales were less th a n one per cent below th ose in February. Com pared w ith March 1925, figures for th e current m onth show ed a larger volume of sales in all lin es except dry goods and furnitu re, w here decreases of 4.1 per cent, and 3.7 per cen t, respectively, were recorded. The index num ber of w holesale trade for th is d istrict, com puted from sales by firms dealing in groceries, dry goods, hardware and shoes, is 99.4 for March, and is higher th a n for any other March since 1920. T he March index num bers for groceries and hardware are also higher th a n for any March since 1920, b u t th e num bers for sales of dry goods and shoes were ex ceeded in March 1923. Groceries March reports from 37 w holesale gro cery firms show ed a volume of sales in th e aggregate 12.6 per cent greater th a n in February, and 10.5 per cen t greater th a n in March last year. The increase over February is shared by all cities show n in th e table, and is no doubt largely due to seasonal causes. The re ports in dicate th a t prices experienced some recession during March. R eports show ing figures for accou n ts re ceivable, show ed an increase of 26.8 per cen t over Febru ary, and 9.2 per cent over March 1925. March collections were 14.1 per cen t greater th a n th o se in February, and 10.1 per cen t greater th a n in March 1925. P ercentage com parisons of sales are show n in th e ta b le : Atlanta (5 firms).............................. ~ Jacksonville (4 firms).......................... Meridian (3 firms)............................... New Orleans (8 firms)......................... Vicksburg (3 firms) -........................... Other Oities (14 firms)....................... DISTRICT (37 firms).......................... March 1926 compared with: Feb. 1926 March 1925 +16.3 +7.0 +2.5 +48.3 +10.3 —11.1 +16.6 —11.1 +51.6 —9.3 +12.1 +17.1 +12.6 +10.5 Dry Goods Sales during March by 24 reporting w holesale dry goods firms were 9.3 per cent greater th a n in February, b u t were 4.1 per cen t smaller th a n in March la st year. Increases occurred at all report in g p oints over February, b u t th e lower volume of sales compared w ith March last year may be a ttrib u ted to th e fa ct th a t m erchants are buying only w hat is actu ally n eces sary. R eports in dicate th a t prices of dry goods receded som ewhat in March. Stocks on h and were 2.5 per cent greater at th e end of March th a n a m onth earlier, and 19.2 per cen t greater th a n at th e end of March 1925. Ac co u n ts receivable were 3.6 per cen t greater th a n at th e end of February and 4.7 per cen t greater th a n a year ago. Col lectio n s in March increased 1.3 per cen t over February, and exceeded th o se in March last year by 5.6 per cent. March 1926 compared with: /n ^ x Feb. 1926 March 1925 Atlanta (3 firms)....... ......................... +12.0 —14.4 Jacksonville (3 firms).......................... + 1.6 + 3.5 Nashville (3 firms).............................. +9.0 —14.3 New Orleans (3 firms)......................... +23.6 —14.9 Other Oities (12 firms)........................ +10.6 + 2.9 DISTRICT (24 firms).................. ....... +9.3 - 4.1 Hardware March sales by 30 reporting firms in th e d istrict were th ree-ten th s of one per cent smaller th a n sales in February by th e same firms. The to ta l for March show ed an increase over March la st year of 17.1 per cen t, th e increase being shared by all p oints show n in th e statem ent. Stocks on hand at th e end of March increased 2.9 per cen t over th e m onth before, and were 1.9 per cent greater th a n a year ago. A ccounts re ceivable were 1.8 per cent greater th a n at th e close of Feb ruary, and 3.1 per cent greater th a n at th e end of March 1925. C ollections in March exceeded th ose in February by 7.6 per cent, and were 10.1 per cent greater th a n in March la st year. March 1926 compared with: . _ , Feb. 1926 March 1925 Atlanta (3 firms)............. ................... —0.4 +12.4 Chattanooga (3 firms)..................... . +17.2 +10.6 Jacksonville (3 firms).......................... —2.3 +73.9 Nashville (3firms)............................... +2.0 +14.0 New Orleans (6 firms)*....................... + 3.9 + 4.8 Other Oities (12 firms)........................ —6.2 +26.9 DISTRICT (30firms)-......................... - 0.3 +17.1 3 R E V IE W F urniture March sales by 18 w holesale furnitu re firms were 10.4 per cent greater th a n in February, and 3.7 per cent less th a n March of la st year. The reports in dicate th a t retail m erchants are buying only for actu al requirem ents. Stocks on hand decreased ninete n th s of one per cent compared w ith February, b u t were 15 per cent greater th a n a year ago. A ccounts receivable were 2.7 per cent greater th a n a m onth ago, and tw o-ten th s of one per cent greater th a n a year ago. March collec tio n s were 15.3 per cent greater th a n th o se in February, and 7.4 per cent greater th a n in March la st year. M arch 1926 com pared w it h : F e b . 1926 M arch 1925 — 8.8 +5.5 +15.8 —21.9 +18.4 +7.2 +10.4 - 3.7 A tla n ta (7 firm s )................................................. C h attan o o g a (3 firm s ).................................... O th er C itie s (8 firm s )...................................... D I S T R IC T (18 firm s )....................................... Electrical Supplies Sales during March by 10 w holesale dealers in electrical supplies were 1.5 per cen t greater th a n in February, and were 88.2 per cent greater th a n in March la st year. Stocks on hand at th e end of March declined 11.9 per cent compared w ith Febru ary, and were 16.3 per cen t smaller th a n a year ago. Ac cou n ts receivable at th e close of March were 9.7 per cent greater th a n a m onth ago, and exceeded th o se at th e end of March la st year by 100.3 per cent. C ollections in March were 34.8 per cent smaller th a n in February, b u t were 44 per cent greater th a n in March a year ago. M arch 1926 compared w it h : F e b . 1926 M arch 1925 +19.4 +123.7 +4.5 +7.4 —22.0 +126.4 +1.5 +88.2 A tla n ta (3 firm s )................................................. N ew O rlean s (4 firm s )..................................... O th er O it ies (3 firm s )....................................... D I S T R IC T (10 f irm s )........................................ In th e other three lines percentage changes in sales are show n only for th e district as three reports were n o t re ceived in any of th ese lin es from a single city. Increases in sales are show n in all of th ese three lin es over February, and over March la st year. Figures reported by shoe firms showed a decline in stocks on hand compared w ith February of 6.3 per cen t, and a decrease of 19.4 per cent compared w ith March a year ago. A ccounts receivable increased 13 per cent over February, and were fractionally larger th a n a year ago, while collections in March exceeded th o se in Feb ruary by 25.7 per cent and th o se in March 1925 by 28.4 per cent. M arch 1926 compared w it h : F e b . 1926 M arch 1925 +35.9 +21.4 +14.6 +15.4 +10.9 +15.0 Shoes (7 firm s )....................-............................... S ta tio n e ry (4 firm s ).......................................... D ru gs (5 firm s )...................................................... AGRICULTURE. Generally w eather conditions in th e sixth district through March have been less favorable th is year th a n for th e same period la st year. Temperatures in most sections have been lower th a n u su al at th is season of th e year, and w et w eather has interfered considerably w ith preparation of land and th e plantin g of seed. In Georgia early w hite potatoes and other tru ck crops in th e trucking areas of th e sta te suffered setbacks from th e cold in March, in some places p lants being killed to th e ground. Reports indi cate satisfactory progress being made by th e small grains. Further damage was done to th e Georgia peach crop by th e heavy frost early in April, and th e condition is reported as 59 per cent of normal, compared w ith 79 per cen t at th e same time last year. In Florida, cold, w et w eather delayed planting and germ ination of seed, and some replanting was necessary. Truck crop plantings for spring and sum mer shipm ent are ligh ter th a n usual, and are u nusually late. Farm wages have continued to rise during th e past year due to labor needs for public improvements and con stru ction work. Farming operations in Mississippi are considerably later th a n u sual because of unfavorable w eather condition. The condition of early w hite p otatoes on April 1, was 70 per cen t of normal, compared w ith 90 per cent a year ago. The U nited S tates D epartm ent of Agriculture reported th a t commercial acreage in Mississippi has b een increased 5 per cen t, and for th e te n sou th ern sta tes making shipm ents of early potatoes, th e commercial acreage th is season shows an increase of about 15.3 per cent over la st year. The commercial acreage of tom atoes in th e six second-early sta te s (Mississippi, Texas, S outh Carolina, Georgia, Louisiana and California) w hich usually market their crop in th e la te spring and early summer, is estim ated by th e Departm ent of A griculture at about 30 per cent 4 T H E M O N T H L Y B U S IN E S S greater th is year th a n last, th e to ta l being 34,210 acres. Increases are estim ated in M ississippi of 28 per cen t, Texas 15 per cen t. South Carolina 19 per cen t, and Georgia 71 per cen t. Florida’s acreage of tom atoes, th e shipm ents from w hich u su ally commence earlier th a n from other sta tes, is estim ated by th e D epartm ent of A griculture to have b een reduced 40 per cent th is season. The con d ition of Florida citrus crops on April 1 was higher th a n at th e same tim e la st year. The condition of oranges is estim ated by th e D epartm ent of A griculture at 95 per cen t of normal, compared w ith 85 per cen t a year ago, and grapefruit are 90 per cen t compared w ith 85 per cen t la st year. C ondition of tangerin es is 92 per cen t compared w ith 86 per cent a year ago. C otton M ovem ent—Sixth D istrict. (Bales) Mar. 1926 Feb. 1926 Mar. 1925 Receipts: 247,716 163,200 New Orleans-....................... 185,734 Mobile.................................... 11,891 11,905 12,160 Savannah............................... 63,787 38,334 52,830 12,237 18,197 Atlanta.................................. 13,708 Augusta................................. 13,786 20,799 17,855 Montgomery........................... 3,835 2,757 2,808 Stocks: New Orleans.......................... 360,700 487,239 270,561 Mobile.................................... 16,795 18,900 7,694 Savannah............................... 72,711 75,844 35,381 Atlanta.................................. 45,188 51,303 35,051 Augusta................................. 76,697 96,425 49,895 Montgomery........................... 19,551 22,720 9,046 C otton M ovement—U nited S tates. Since A ugust 1, (Bales) 1926 1925 1924 Receipts at all U . S. Ports.......... 9,726,521 8,909,803 6,207,518 Overland across the Mississippi. Ohio. Potomac Rivers to Nor. 791,260 Mills and Canada.........., ...... 1,246,363 1,192,749 Interior stock in excess of those held at close of Commercial year....... -............................... 1,177,498 435,698 232,591 Southern mills takings (net)...... 3,418,000 3,162,002 2,806,545 Total for 252 days........................ 14,568,382 13,700,252 10,037,914 Foreign exports............. -............ 6,667,718 7,164,198 ............. ’American Mills Nor. &Southern Canada.......... .................. . 6,008,101 5,586,168 ............. American cotton thus far............ 11,786,000 .............................. •Of which 2.059.684 by Northern Spinners against 2.039.258 last year and 3.948,417 by Southern Spinners against 3.546.910 last year. Sugar Cane and Weather con d itions during th e la st Sugar th ree w eeks of March in th e Louisiana cane b elt were unfavorable and in ter fered greatly w ith p lantin g, and operations were practi cally su spended during th a t period. T he rainfall in March to ta le d 16 in ch es, a record for March in th a t section. Con d itions were greatly improved th e first w eek of April, how ever, and planters were able to resume work. Sugar M ovem ent. Raw Sugar (Pounds) Mar. 1926 Feb. 1926 Mar. 1925 Receipts: New Orleans.......... 151,568,403 170,318,032 204,443,268 Savannah............... 70,640,562 67,786,156 65,372,810 Meltings: New Orleans.......... 153,990,955 140,073,769 175,518,251 Savannah............... 61,377,276 39,965,075 58,789,337 Stocks: New Orleans.......... 50,422,765 52,991,925 37,788,080 Savannah............... 39,976,309 30,713,023 17,208,027 R efined Sugar (Pounds) Shipments: New Orleans........... 140,459,962 103,435,555 154,909,282 Savannah............... 36,467.113 25,851,678 34,299,890 Stocks: New Orleans........... 61,346,755 53,437,320 27,807,896 Savannah......... . 33,732,739 12,472,932 23,959,033 Rice M ovem ent. R ough Rice (Sacks) P ort of New Orleans. Mar. 1926 Feb. 1926 Mar. 1925 Receipts................................. 39,763 68,379 13,145 Shipments.............................. 47,718 45,067 45,067 Stock...................................... 24,882 32,837 38,260 Clean Rice (Pockets) P ort of New Orleans. Receipts................................. 153,586 171,409 100,202 Shipments.............................. 176,229 131,393 118,163 Stock...................................... 234,323 256,966 264,281 R eceipts of R ough R ice (Barrels). Last Season to season to Mar. 1926 Mar. 31.1926 Mar. 31. 1925 Association Mills.................... 125,209 4,485,831 4,356,171 New Orleans Mills.................. 39,763 799,090 930,089 Outside Mills......................... 45,543 1,570,186 1,757,040 210,515 6,855,107 7,043,300 R E V IE W Distribution of Milled Rice (Pockets). Association Mills........ .......... 211,818 New Orleans Mills...... .......... 117,167 Outside Mills.............. .......... 169,434 498,419 3,465,012 736,027 1,180,546 5,381,585 4,028,088 815,335 1,576,850 6,420,273 Stock. Apr. 1. 1926 Mar. 1. 1926 Apr. 1. 1925 1,175,326 511,742 Association Mills........ .......... 1,088,181 278,818 292,607 New Orleans Mills...... .......... 252,253 598,000 255,300 Outside Mills.............. .......... 484,373 1,824,807 2,052,144 1,059,649 Savings Deposits FIN AN CIAL. Savings d ep osits at th e end of March 1926, reported to th e F Bank by 91 banks in th e d istrict w h ich operate savings de partm ents, were one-half of one per cen t greater th a n a m onth earlier, and 14 per cen t greater th a n at th e end of March 1925. In creases over February were show n by th e figures reported from all b u t one city, w hile increases over March la st year were show n a t all p oin ts in clu d ed in th e statem en t. T otal figures, in even th o u sa n d s of dollars, for th e Federal Reserve B ank and b ran ch cities are show n in th e table, w ith com parisons: Savings Deposits. (000 Omitted) OompariOomparison son Mar. Feb. Mar. 1926- Mar. Mar. 1926 1926 Feb. 1926 1925 1926-1925 Atlanta (7 banks)........ $ 35,442 $ 35,547 -0.3 $ 33,273 + 6.5 Birmingham (5 banks)... 24,356 24,163 4-0.8 22,889 + 6.4 Jacksonville (5 banks)-.. 29,901 29,424 +1.6 20,509 +45.8 Nashville (10 banks)---- . 25,354 25,310 +0.2 19,220 +31.9 New Orleans (8 banks) _- 48,237 47,594 +1.4 48,140 + 0.2 Other Cities (56 banks). - 109,034 108,858 +0.2 94,841 +15.0 Total (91 banks)........... - 272,324 270,896 +0.5 238,872 +14.0 Debits to IndiviT he volume of d eb its to individual acdual A ccoun ts co u n ts at 24 reporting cities in th e six th d istrict co n tin u e from m onth to m onth to show a larger volume of b u sin ess tra n sa ctio n s being se ttle d by check th a n w as recorded for corresponding periods a year ago. T he figures for th e w eek ended April 7 for th is d istrict show an in crease of 32.2 per cen t in to ta l debits over th e corresponding w eek la st year. T he figures for th e m onth of March show an in crease of 16.6 per cen t over th e same m onth in 1925. T he ta b le below show s to ta l d eb its by reporting cities in th e d istrict for March, com pared w ith February and w ith March 1925. T he m onthly figures are arrived a t by pro-rating th e figures for th o se weeks w hich do n o t fall en tirely w ith in a single m onth. Mar. 1926 Feb. 1926 Mar. 1925 Alabama: Birmingham....... ...$155,315,000 $127,110,000 $127,813,000 Dothan.............. . 4,063,000 3,648,000 3,697,000 35,830,000 Mobile................ ... 40,785,000 33,216,000 26,487,000 23,580,000 Montgomery....... 27,683,000 Florida: Jacksonville....... ... 132,292,000 121,899,000 79,646,000 9,349,000 9,079,000 Pensacola........... 7,754,000 98,879,000 90,538,000 Tampa................ 57,641,000 Georgia: Albany............... 6,919,000 5,052,000 5,299,000 197,508,000 151,271,000 Atlanta.............. 162,322,000 28,639,000 24,669,000 Augusta............. 31,658,000 3,525,000 3,269,000 Brunswick......... 2,732,000 14,134,000 13,244,000 14,069,000 Columbus........... 1,014,000 814,000 Elberton............. 1,164,000 Macon................ 23,896,000 22,452,000 22,584,000 1,987,000 Newnan............. 1,892,000 2,351,000 49,762,000 40,412,000 Savannah........... 43,687,000 6,170,000 6,642,000 Valdosta............. 4,917,000 Louisiana: 313,564,000 New Orleans.......... 361,988,000 361,265,000 Mississippi: 23,460,000 20,439,000 Jackson............. 19,967,000 16,185,000 14,323,000 Meridian............ 16,440,000 8,556,000 Vicksburg.......... ... 8,093,000 7,996,000 Tennessee: 48,385,000 38,391,000 41,736,000 Chattanooga...... 29,839,000 34,398,000 Knoxville............ 31,704,000 80,908,000 Nashville............ ... 96,115,000 84,203,000 Total 24 Cities.......... .$1,389,725,000 $1,187,044,000 $1,191,544,000 Condition of Member In creased Accom m odation at th e I Banks in Selected eral Reserve Bank, and in creases in Cities loans, d isco u n ts and in vestm en ts, and in tim e dep osits, are show n in th e w eekly report of con d ition of 36 member bank s in A tlanta, New Orleans, Birmingham, Jacksonville, N ashville, Knox ville, C hattanooga and Savannah for April 7, compared w ith figures fo u r w eeks earlier, show n in la st m on th ’s Review, and show n below for com parison. T o ta l loan s and d isco u n ts reported by th e se 36 banks increased from T H E M O N T H L Y B U S IN E S S $524,742,000 on March 10 to $529,339,000 a week later, b ut de clined th e follow ing tw o weeks to $525,789,000 on April 7, an increase of $1,047,000 over th e figure a m onth earlier. Loans on stocks and bonds on April 7 were greater th a n have been reported in th e past three years. Loans for commercial purposes were $5,455,000 smaller th a n a m onth ago. U nited S tates secu rities owned by th e se banks increased $11,483,000 over a m onth ago, and other stock s and bonds increased $1,109,000, th e n et increase in to ta l loan s d iscou n ts and investm ents over figures for March 10 being $13,639,000. Dem and deposits reported by th e se banks on April 7 were smaller by $17,099,000 th a n a m onth earlier, b u t tim e de p osits show ed a gain of $1,968,000. There was an increase of $13,292,000 in th e am ount of accom modation extended to th e se 36 banks by th e Federal Reserve B ank of A tlanta during th is period of four weeks. Compared w ith figures for corresponding report dates a year ago, figures for April 7 th is year show an increase in th e to ta l of loan s and d iscou n ts by th e se 36 banks of $47,360,000; U nited S tates securities were held in a volume larger by $16,041,000 th a n a year ago; other stocks and bonds show ed an increase of $13,278,000, and th e to ta l of loans, d iscou n ts and investm ents on April 7 th is year was larger by $76,680,000, or 13.8 per cent th a n on th e corres ponding report date last year. Time deposits showed an increase over th a t period of $20,315,000, or 10.3 per cent, and demand deposits increased $26,163,000 or 8.1 per cent. Principal item s in th e w eekly report are show n in th e table, w ith comparative figures for a m onth ago, and a year a g o : Member Banks in Selected Cities. (000 Omitted) A p r. 7. 1926 B ills D isco u n te d : Secured b y G o v t. O b lig atio n s $ 8,052 Secured b y S to cks an d B o n d s 104,905 AH O th e rs........... .................................... 412,832 T o t a l D isc o u n ts-............................... 525,789 U . S . S e cu ritie s........................................... 52,143 O th er Sto ck s an d B o n d s------ ----- 53,754 T o t a l L o a n s , D isco u n ts a n d I n vestm ents.................................... -.......... 631,686 Tim e D ep osits........................... — -.......... 218,493 D em an d D ep osits....................................... 349,919 A ccom m odation a t F . R . B a n k ......... 33,108 M ar. 10, 1926 A p r. 8, 1925 $ 7,787 98,668 418,287 524,742 40,660 52,645 $ 8,578 77,413 392,438 478,429 36,102 40,476 618,047 216,525 367,018 19,816 555,006 198,178 323,756 6,255 Operations of the D uring th e four w eeks from March 17 Federal Reserve to April 14, th ere was a n et decline in Bank d iscou nts for member banks by th e Federal Reserve Bank of A tlanta am ounting to $2,437,000. The to ta l d iscou n ts of $43,301,000 on March 17, increased th e follow ing w eek to sligh tly more th a n 50 million dollars, b u t declined during th e follow ing th ree w eeks to $40,864,000 on April 14. D iscou n ts secured by governm ent obligations during th is period declined $4,359,000, from $13,059,000 to $8,700,000. H oldings of bills b ough t in open m arket decreased $3,964,000 during th is period, b u t th e volume of U nited S tates secu rities owned by th e bank increased $7,561,000. The resu lting n et change in th e to ta l of bills and securities for th e four w eeks was an increase of $1,199,000. The sharp increase in th e volume of Federal Reserve N otes ou tstan d in g, and in Reserves, was occasioned by th e shipm ent of currency to Cuba to meet recent heavy w ithdraw als of deposits from th e local banks. Compared w ith figures for th e corresponding report date la st year, d iscou n ts on April 14 th is year were 116.2 per cent greater th a n a year ago. Bills b ou gh t in th e open market were smaller by $2,187,000 th a n at th a t time, and holdings of U nited S tates secu rities were greater by $15,072,000. T otal bills and secu rities on April 14 th is year, am ounting to $72,109,000, were nearly double th e to ta l a year ago, show ing an increase of $35,296,000 over th e to ta l for April 15, 1925. D eposits were greater by $14,734,000 th a n a year ago, and reserves and ou tstan d in g n o tes also show ed sub sta n tia l in creases over th a t time. Im portant item s in th e w eekly statem en t of th e Federal Reserve Bank, w ith com parisons, are show n in th e table. Federal Reserve Bank. (000 Omitted) A p r. 14, 1926 B ill s D isco u n te d : Secured b y G o v t. O b lig atio n s $ 8,700 A ll O th ers............................................... 32,164 T o ta l D isc o u n ts................................. 40,864 B ills bo ug ht in open m a rk e t.......... . 10,887 U . S . S e cu ritie s.......................................... 19,451 T o ta l B ills a n d S e cu ritie s................... 72,109 C a sh Reserves............................................... 212,936 T o ta l D ep osits.......................... .................. 84,449 F . R . Notes in a c tu a l c irc u la tio n . . 197,358 Reserve R a t io ............................................... 75.6 M ar. 17, 1926 $ 13,059 30,241 43,301 14,851 11,890 70,910 173,356 82,259 160,309 71.5 A p r. 15, 1925 $ 3,078 15,819 18,897 13,074 4,379 36,813 169,465 69,715 142,011 80.0 R E V IE W 5 Commercial Failures According to sta tistics compiled and published by R. G. D un & Co., com mercial failures in th e U nited S tates during March 1926 num bered 1,984, and to ta l liabilities of th e firms w hich failed am ounted to $30,622,547. These figures show an increase of 183 in th e num ber of firms, b u t a decrease of $3,553,801 in am ount of th eir liabilities, com pared w ith th e preceding m onth of February, and an in crease of 125 in num ber and a decrease of $3,382,184 in li abilities, com pared w ith March la st year. Figures for th e sixth d istrict show a decrease of 21 in number and $634,335 in liabilities compared w ith February, and decreases of 37 in num ber and $674,274 in liabilities compared w ith March 1925. Failures for th e U nited States, divided by Federal Reserve D istricts, are show n in th e ta b le : D is tric t B o sto n ......................... New Y o r k . . . ........... P h ila d e lp h ia -....... C leveland ................... R ich m o n d ................. C h icag o ...................... S t. L o u is .................... M inneap olis............. K a n s a s C it y ______ S a n F ra n cisco T o t a l.............. . N um ber L ia b ilitie s L ia b ilitie s M ar. 1926 M ar. 1926 F e b . 1926 240 $ 3,249,565 $ 2,338,036 6,463,891 368 6,174,315 65 1,776,957 2,104,852 214 3,738,723 3,966,625 124 1,845,307 2,004,057 79 1,127,953 1,762,288 298 4,062,641 7,729,996 78 2,808,588 3,186,884 90 926,970 843,138 84 1,214,509 703,410 75 809,191 669,997 269 2,439,502 2,851,500 1,984 $30,622,547 $34,176,348 L ia b U itie s M ar. 1925 $ 4,203,160 6,543,180 1,639,315 3,132,010 2,640,261 1,802,227 6,805,675 . 531,515 1,924,921 1,782,243 682,936 2,317,288 $34,004,731 IMPORTS AND EXPORTS. United States Preliminary figures compiled and re leased by th e U nited S tates D epart m ent of Commerce for March show an excess of 70 million dollars in th e value of imports over exports for th e m onth. In February th ere was an excess of im ports over exports of nearly 36 m illion dollars. March exports of m erchandise from th e U nited S ta tes increased slightly more th a n 22 m illion dollars over th o se in February, and im ports in creased nearly 56J million dollars. Compared w ith March 1925, exports for March th is year were smaller by more th a n 78J millions, w hile im ports increased over th a t m onth by over 59J millions. For th e nine m onths ending w ith March, exports have exceeded im ports by $258,551,042, compared w ith an excess of exports for th e same period a year earlier of $946,730,648. Preliminary figures for March, w ith com parisons, are show n in th e ta b le : 1925 1926 Imports: March............ ......... ................... $ 445,000,000 $ 385,378,617 February___ ______ ________ 388,503,320 333,387,369 9 months ending with March......... 3,413,089,200 2,825,302,963 Exports: March.......................................... $ 375,000,000 $ 453,652,842 February...... ............................... 352,916,815 370,676,434 9 months ending with March......... 3,671,640,242 3,772,033,611 Im ports M erchandise was im ported through New Orleans th e port of New Orleans during th e m onth of January 1926 (th e la test m onth for w hich detailed figures are available) to th e value of $20,712,352. T his is more th a n double th e value of im ports during th e preceding m onth, and is also larger th a n has b een reported for January during th e p ast six years. N otw ith stan ding th e increase of more th a n 2J m illions in th e to ta l for January over th e same m onth la st year, some im portant item s showed decreases in volume and value, among them sugar, gasoline, crude petroleum , and burlaps. Increases were show n in im ports of coffee and bananas. Principal com modities im ported during January are show n in th e t a b le : Volume V alu e Bananas, bunches................................................. 1,900,830 $ 896,974 Coffee, pounds................... ...................................... 58,284,152 11,545,949 Newsprint paper, pounds..................... 5,979,348 163,672 Crude petroleum, gallons................................. 27,087,690 776,203 Gasoline, gallons....... ........ ...............__ 5,907,636 618,582 Sodium Nitrate, tons............ ................ ............ 18,647 1,012,611 Sugar, pounds-....... ....................... . 16,657,291 365,219 Molasses, gallons...... ............................ 6,042,293 297,901 Burlap, pounds..................................... 10,148,521 1,602,020 Export Commodities were exported during New Orleans January 1926 th ro u g h th e port of New Orleans to th e value of $44,761,406, an increase of $1,612,555 over th e value of exports in December, 1925, b u t smaller by $3,708,072 th a n th e value of exports in January a year ago. Exports of w heat flour were less th a n half as large as in January last year. Decreases were also show n in exports of lon g staple cotton , parafin and other item s, w hile increases were show n in exports of lard, short staple cotton , pine and oak boards, gasoline, illumi- 6 T H E M O N T H L Y n a tin g oil, and cylinder lu bricatin g oil. Principal item s exported during January are show n below : Volume V a lu e $ 813,307 Lard, pounds........................................ 4,859,663 Wheat flour, barrels.............................. 91,808 716,912 Tobacco, pounds........-.................. ....... 5,884,695 768,657 Long staple cotton, bales...................... 50,879 6,102,873 Short staple cotton, bales..................... 162,163 17,683,857 Rough Sou. Pine Boards, Mft.............. 7,444 405,549 Oak boards. Mft................................... 6,801 462,653 Gasoline, bulk, gallons......................... 52,594,750 6.918,701 Illuminating oil, bulk, gallons............. 13,255,668 904,682 431,411 Gas and fuel oil, gallons....................... 11,505,547 Cylinder lubricating oil. gallons.......... 2,626,186 464,102 Parafin, lbs........................................... 7,452,949 401,028 Grain Exports T otal exports of grain th rou gh th e New Orleans port of New Orleans con tin u e to show large decreases compared w ith a year ago, b ecause of th e smaller volume of w heat and oats bein g moved th rou gh th is port. For th e season th rou gh March, exports of corn have more th a n doubled th o se of th e pre ceding season, b u t th e movement of w heat h as b een less th a n o n e-ten th as large. Figures for th e m onth and for th e season to date are show n in th e table, w ith com parisons: Season through Mar. 1926 Mar. 1925 M ar. 1926 “M ar. ““ 1925 Wheat, bushels............. 71,183 2,977,727 2,424,347 27,149,408 Corn, bUshels............... 635,847 288,667 5,362,178 2,154,201 514,316 Otas, bushels............. - 23,268 146,861 4,967 Rye, bushels................ 4,967 ............ T o t a l.................................. 735,265 3,413,255 8,305,808 30,067,264 BUILDING. Building perm its were issu ed during March at 20 report in g cities in th e sixth d istrict to th e value of $15,060,062. This is a decrease of 25.5 per cen t compared w ith th e value of perm its issu ed at th e se cities during February, b u t is 24.9 per cen t greater th a n figures for March la st year. Of th e 22 cities show n in th e statem en t, 15 reported figures greater th a n for March a year ago, and 8 reported decreases. D etailed figures and p ercen tage com parisons are show n in th e ta b le below, and index num bers appear on page 8: N o. A la b a m a : 22 A n n is to n ............ B ir m in g h a m 669 M obile.................. . 83 83 M ontgom ery—. . . . F lo r id a : 481 Ja c k so n v ille — M iam i................... .. 975 O r la n d o ........... — 224 47 P e n saco la.......... T a m p a ................. .1,013 ♦Lakeland ......... . . . 160 26 ♦Miami B e a c h . . . . G eo rg ia: 358 A t la n t a ............... A u g u sta .............. ... 145 72 Co lu m b u s.......... . M acon.................. .... 124 66 S a v a n n a h .......... ... L o u is ia n a : 160 N ew O rle a n s. . 103 A le x a n d ria — Ten nessee: 295 O h a tta n o o g a 18 Jo h n so n C it y . . . . 241 K n o x v ille ........... N a s h v ille ............ . . . 213 M ar. 1926 V a lu e N o. P ercentage M ar. 1925 Ch an ge V a lu e in V a lu e $ 12,700 2,688,812 161,313 129,200 16 691 87 89 $ 31,425 2,027,725 102,380 109,534 1,546,203 3,330,923 400,570 89,098 1,779,336 459,150 463,450 300 326 206 20 484 91 ___ 642,592 2,737,155 294,617 36,580 802,986 225,100 609,250 +140.6 + 21.7 + 36.0 +143.6 +121.6 +104.0 -23.9 1,117,491 79,224 133,440 193,751 133,567 426 130 80 144 50 1,076,085 122,326 128,115 134,148 89,665 + — + + + 1,869,164 112,057 272 121 1,229,325 83,439 + 52.0 + 34.3 284,540 40,020 698,350 260,303 250 28 307 311 303,691 44,950 1,029,104 1,036,259 — — — — T o ta l 20 O ities........ ...5,392 $15,060,062 4,338 $12,062,101 417.7 334.5 In d e x N o.. ♦Not in c lu d e d in to ta l or ind ex num b ers. + + + 59.6 32.6 57.6 18.0 3.8 35.2 4.2 44.4 49.0 6.3 11.0 32.1 74.9 + 24.9 B U S IN E S S R E V IE W volume of orders booked during March, and 16.6 per cen t smaller th a n th e m o n th ’s prod uction . T he la te st w eekly report of operating tim e issu ed by th e A ssociation, for th e w eek ended April 9, show s th a t of 117 reporting mills, 88 mills operated fu ll tim e or 5 i days for th e w eek, and 15 re p orted overtime aggregating 576 h ours, or an average of over 38 hours each overtime during th a t week. T he pro tra cted cold w eather in th e n o rth and middle w est h as de layed to some exten t th e resum ption of b uyin g from th o se sections. Prelim inary figures for March, w ith compari sons, are show n in th e t a b le : O rd ers........................ ................................ Sh ip m en ts............................................... P ro d u c tio n ....................................... N orm al p ro d u ctio n these m ills Sto ck s end of m o n t h ................... N orm al sto cks these m ills ______ U n fille d orders end of m o n th .. M ar. 1926 U26 m ills ) 308,887,709 308,013,983 314,005,232 311,828,854 765,852,327 811,522,704 261,784,952 F e b . 1926 (118 m ills) 285,004,027 272,175,007 251,194,643 295,924,534 700,348,094 772,936,302 248,916,860 M ar. 1925 (145 m ills) 311,665,322 335,630,172 358,505,373 346,588,048 865,903,770 946,970,546 238,225,260 T E X T IL E S . Cotton Consumption The C ensus B u reau ’s statem en t of cotto n consum ption in March show s a larger q u a n tity of co tto n consum ed in th a t m onth th a n has b een reported for any m onth since summer of 1919, sta tistic s n o t bein g available any fu rth er back th a n th a t tim e. March consum ption am ounted to 634,593 bales, an increase of 11.9 per cen t over th e q u a n tity consum ed in th e sh ort m onth of February, and 8.8 per cen t greater th a n w as consum ed in March la st year. Stocks of co tto n in consum ing estab lish m en ts at th e end of March declined 3.5 per cen t compared w ith February, b u t were 8.2 per cen t greater th a n a year ago. Stocks in public storage and at com pressed were 12.3 per cen t smaller at th e end of March th a n a m onth earlier, b u t w ere a little more th a n double th o se reported at th e end of March 1925. Exports of co tto n declined 6.6 per cen t in March compared w ith February, and were 29.8 per cen t smaller th a n th e q u a n tity exported in March 1925. The num ber of active spindles in th e U nited S ta tes show n in th e statem en t below, for March is higher th a n h as b een reported sin ce April la st year, w hile th e num ber reported active in th e cotton-grow ing sta te s is greater th a n h as b een reported for any m onth in th e available sta tistics. C onsum ption of co tto n in th e cotton-grow ing sta te s during March in creased 9.9 per cen t over February, and was 11.8 per cen t greater th a n in March la st year. Stocks of co tto n in consum ing estab lish m en ts decreased 5.2 per cen t for th e m onth, b u t were 12.7 per cen t greater th a n a year ago, and stock s in public storage and at com presses, w hile 13.4 per cen t smaller th a n a m onth ago, were 130.1 per cen t greater th a n at th e end of March 1925. United States. M ar. 1926 F e b . 1926 Ootton C o nsu m ed : L i n t .................................................. 634,593 567,244 L in t e r s ........................................... 60,532 53,978 Sto cks—I n C o n su m in g E sta b lish m e n ts: 1,767,686 1,831,296 L i n t ................................................. L in t e r s ........................................... 187,298 174,876 Sto cks—I n P u b lic Storage a n d a t Com presses: L i n t ................................ ................. 4,162,628 4,744,090 L i n t e r s - ....................................... 84,658 80,151 E xp o rts................................................... 519,732 556,185 Im p o rts.................................................. 45,726 38,355 A ctive S p in d le s............................... 33,233,382 33,028,966 M ar. 1925 583,407 58,821 1,633,783 158,949 2,028,331 62,309 740,076 33,955 33,217,162 Cotton Growing States. LUMBER. While th e w eekly statem en ts of th e Southern P ine Associa tio n for th e five w eeks March 12 to April 9 show production b y reporting mills from 12 to 13 per cen t below normal, figures for th e m onth of March received by th e A ssociation up to April 15, from 126 mills, show a volume of production am ounting to 314,005,232 feet, seven -ten th s of one per cent greater th a n th e normal production of th e se mills, w hich w as 311,828,854 feet. Orders were received by th e se 126 mills am ounting to 308,887,709 fee t, exceeding th eir ship m ents by only th ree-ten th s of one per cen t, b u t were 1.6 per cen t smaller th a n th eir production, and n in e-ten th s of one per cen t less th a n their normal p roduction. Ship m ents during March were smaller by only 1.9 per cen t th a n production. Stocks on h an d at th e end of March am ounted to 765,852,327 fee t, and were smaller by 5.6 per cen t th a n th eir normal stock s, and were nearly th ree tim es as great as u nfilled orders. The to ta l of u nfilled orders am ounted to 261,784,952 feet, and were 15.2 per cen t smaller th a n th e M ar. 1926 C o tto n Co nsum ed ......................... 438,396 S to c k s: I n C o nsu m in g E s ta b lis h m ents..................................... 1,068,664 I n P u b lic Storage a n d a t Compresses........................ 3,930,836 A ctive S p in d le s............................... 17,266,762 Cotton Cloth F e b . 1926 399,046 M ar. 1925 392,027 1,127,859 948,610 4,536,920 17,221,236 1,708,301 16,917,166 C onfidential reports made to th e Federal Reserve B ank for March by c o tto n mills w hich m anu factu red more th a n 27| m illion yards of cloth , show in creases in production, shipm ents, orders and stock s, compared w ith February, b u t a decrease in u n filled orders on h a n d at th e end of th e m onth. T he March o u tp u t of th e se mills was 6.6 per cen t greater th a n in February, shipm ents in creased 2.9 per cen t, and orders 5.4 per c e n t . Compared w ith March 1925, current figures show decreases in production, shipm ents, orders, and in u n filled orders, b u t sto ck s at th e end of March were 38.0 per cen t greater th a n a year ago. T H E M O N T H L Y M arch 1926 com pared w it h : F e b . 1926 M arch 1925 P ro d u c tio n ............................................. -............... +6.6 — 0.7 Sh ip m e n ts................................................................ + 2.9 — 8.5 +5.4 —22.0 O rders booked ......................................... ............ U n fille d orders...........-........................................ —12.2 — 9.4 Sto cks on h a n d ................................................... +1.3 +38.0 Num ber on p a y ro ll........................................... — 0.9 +13.5 C o tto n Y a r n R e p o r t s f o r M a r c h w e re re c e iv e d fro m y a r n m ills w h ic h m a n u f a c t u r e d d u r in g t h e m o n t h n e a r ly 8 J m illio n p o u n d s o f y a r n , a n o u t p u t g r e a t e r b y 1 4 .6 p e r c e n t t h a n w a s p r o d u c e d b y t h e s e m i l l s i n F e b r u a r y , a n d 3 .7 p e r c e n t g r e a t e r t h a n t h e i r M a r c h 1925 p r o d u c t i o n . S h i p m e n t s w e r e 6 .5 p e r c e n t g r e a t e r t h a n i n F e b r u a r y , a n d 6 .7 p e r c e n t g r e a t e r t h a n i n M a r c h a y e a r a g o , a n d o r d e r s b o o k e d d u r in g M a r c h s h o w e d in c r e a s e s o f 3 7 .2 p e r c e n t o v e r F e b r u a r y , a n d 7 3 .9 p e r c e n t o v e r M a r c h l a s t y e a r . U n f il le d o r d e r s , h o w e v e r , w e r e s m a lle r a n d s t o c k s o n h a n d s o m e w h a t la r g e r , t h a n a t e it h e r o f th o s e p e r io d s . M arch 1926 compared w it h : F e b . 1926 M arch 1925 P ro d u c tio n .............................................................. +14.6 + 3.7 Sh ip m en ts................................................................ +6.5 +6.7 O rders booked...................................................... +37.2 +73.9 U n fille d orders..................................................... —13.1 — 9.2 Sto cks on h a n d .......................................-.......... +1.2 +4.8 N um ber on p a y ro ll....................................... — 2.4 — 2.4 O v e r a lls . P r o d u c t i o n o f o v e r a l l s i n M a r c h w a s 1 4 .4 p e r c e n t g r e a t e r t h a n i n F e b r u a r y , a n d 1 7 .9 p e r c e n t g r e a t e r t h a n i n M a r c h a y e a r a g o . S t o c k s o n h a n d a t t h e e n d o f M a r c h d e c li n e d 4 .0 p e r c e n t c o m p a r e d w i t h F e b r u a r y , b u t w e r e 1 4 .9 p e r c e n t g r e a t e r t h a n a y e a r a g o . O rd e r s w e re re c e iv e d in l a r g e r v o lu m e t h a n d u r i n g e i t h e r o f t h e m o n t h s u n d e r c o m p a r is o n . M arch 1926 compared w it h : Fe b . 1926 M arch 1925 +14.4 +17.9 O veralls m a n u fa ctu re d ...................... ............ O veralls on h a n d ............. .................................. — 4.0 +14.9 Orders booked...................................................... + 8.6 + 6.4 U n fille d orders........ .......... ................................. ............ ............ N um ber o n p a y ro ll........................................... +0.2 +3.6 B r ic k . B r ic k p r o d u c t io n a n d s t o c k s o n h a n d f o r M a rc h s h o w s u b s t a n t ia l d e c re a s e s c o m p a re d w it h F e b r u a r y , w h ile o r d e r s b o o k e d , a n d u n f ille d o r d e r s o n h a n d , s h o w in c r e a s e s . M a r c h o u t p u t w a s 3 3 .9 p e r c e n t s m a l l e r t h a n i n F e b r u a r y , a n d 1 9 .6 p e r c e n t s m a l le r t h a n i n M a r c h a y e a r a g o . S t o c k s d e c r e a s e d 2 2 .2 p e r c e n t c o m p a r e d w i t h F e b r u a r y , b u t w e r e 6 0 .3 p e r c e n t g r e a t e r t h a n a y e a r a g o . M arch 1926 com pared w it h : F e b . 1926 M arch 1925 B r ic k m a n u fa ctu re d ..................... ................... —33.9 —19.6 B r ic k o n h a n d .......................... ........................... —22.2 +60.3 +55.6 +60.0 O rders booked......... ............................... ............ U n fille d orders................................-.............. .. +30.0 +87.8 N um ber on p a y r o ll.-.......................... -.......... + 5.5 +12.5 H o s ie r y . I n c r e a s e s i n p r o d u c t io n , s h ip m e n t s a n d o r d e r s , b u t s m a lle r s t o c k s , c a n c e lla t io n s , a n d o r d e r s o n h a n d a t t h e e n d o f t h e M a r c h , a r e s h o w n in f ig u r e s r e p o r t e d t o t h e C e n s u s B u r e a u f o r M a r c h , c o m p a r e d w i t h F e b r u a r y b y 37 i d e n t i c a l e s t a b lis h m e n t s in t h e s ix t h d i s t r i c t : (Dozen P a irs M arch 1926 Fe b . 1926 P ro d u c tio n ------------------------------------ -865,118 803,468 S h ip m en ts........................................................................ 967,020 799,478 Sto ck s on h a n d ..................................................... .. 2,411,672 2,473,796 O rders booked_________ _______________________ 723,842 651,161 C a n c e lla tio n s.......................... ..................................... 34,989 35,530 U n fille d orders--------------------------------882,262 1,058,358 CO A L. E x c e p t f o r t h e w e e k w h ic h e n d e d M a r c h 13, t h e g r a d u a l d e c li n e i n t h e p r o d u c t i o n o f b i t u m i n o u s c o a l w h i c h b e g a n i n J a n u a r y c o n t in u e d t h r o u g h M a r c h a n d e a r ly A p r il, a c c o r d i n g t o w e e k l y s t a t e m e n t s c o m p ile d b y t h e B u r e a u o f M in e s . T h e c o a l y e a r b e g in s A p r i l 1 a n d e n d s M a r c h 3 1 , a n d t h e la s t m o n t h o r t w o u s u a lly w it n e s s d e c lin in g p r o d u c t io n , a n d b e c a u s e o f t h e a p p r o a c h in g w a rm w e a t h e r a n d t h e s m a lle r d e m a n d , o u t p u t d u r in g t h e s p r in g a n d e a r ly s u m m e r m o n t h s is u s u a l ly lo w e r t h a n d u r in g t h e f a l l a n d w in t e r . E ig h t - H o u r D a y w a s o b s e rv e d o n A p r il f i r s t i n so m e s e c t io n s a s a h o lid a y , a n d G o o d F r id a y w a s a l s o r e s p o n s i b l e i n p a r t f o r t h e d e c li n e r e c o r d e d f o r t h e w e e k e n d e d A p r il 3 . C o m p a re d w it h f ig u r e s f o r c o rr e s p o n d in g w e e k s a y e a r a g o , c u r r e n t f ig u r e s in d ic a t e la r g e r p r o d u c t io n f o r e a c h w e e k t h a n a t t h a t tim e . F ig u r e s f o r A la b a m a a n d T e n n e s s e e , t h e c o a l p r o d u c in g s t a t e s o f t h e s i x t h d is t r i c t a ls o s h o w d e c lin in g p r o d u c t io n to w a r d t h e e n d o f t h e c o a l y e a r , b u t t h e c u r r e n t f ig u r e s s h o w in c r e a s e s o v e r t h o s e f o r t h e c o r r e s p o n d in g w e e k s la s t y e a r. B U S IN E S S 7 R E V IE W T he figures below show, in even th ou san d s, th e w eekly ou tp u t of bitum inous coal in th e U nited S tates, and in Alabama and T ennessee, for recent weeks, compared w ith th e same periods a year a g o : (000 O m itted) Week En d ed M arch 6......................................... M arch 13...................................... M arch 20....................................... M arch 27....................................... A p ril 3........................ ................... U n ite d States 1926 1925 10,460 9,384 10,690 8,641 10,263 8,283 9,626 8,353 9,034 7,546 A lab am a Tennessee 1926 1925 1926 1925 403 385 108 108 416 347 120 104 426 325 110 91 391 333 103 90 .................................................. Based on all available inform ation, th e B ureau of Mines estim ates th e to ta l world production of coal during 1925 at 1,368,000,000 to n s, compared w ith 1,355,000,000 to n s pro duced in 1924, and w ith 1,359,000,000 to n s produced in 1923. Of th e to ta l in 1925, th e U nited States produced 474,425,000 to n s of bitum inous coal, and 56,350,000 to n s of anthracite. IRON. S ta tistics compiled and published by th e Iron Age in dicate a to ta l production in th e U nited S tates during th e m onth of March of 3,441,986 to n s of pig iron. T his is a sub sta n tia l increase over th e production during February, w hich am ounted to 2,923,415 to n s, b u t is 3.4 per cen t smaller th a n th e p rod uction during March la st year, w hich was 3,564,247 to n s. The to ta l for March was, however, greater th a n has b een recorded for any other m onth since March 1925. The daily average rate of production during March was 111,032 to n s, and was also greater th a n for any m onth since March a year ago, b u t it was smaller th a n th e March average during th e past th ree years. There was a n et gain of 10 in th e number of furnaces active at th e end of th e m onth, com pared w ith a loss of 2 in February, and a loss of 10 in Jan u ary. There were 236 furnaces active at th e close of March, w ith an estim ated capacity of 114,000 to n s per day. A m onth earlier th ere were 226 furnaces active having an estim ated capacity of 104,800 to n s per day. T he March index num ber for th e U nited S tates is 135.1, compared w ith 114.7 for February, and 139.9 for March la st year. T he production of iron in Alabama during March, ac cording to th e Iron Age sta tistics, am ounted to 244,403 to n s, an increase of 6.8 per cen t over th e production re corded for th e 28 days of February, w hich was 228,799 tons, b u t 3.7 per cent smaller th a n th e to ta l of 253,820 to n s pro duced in March la st year. The index num ber for Alabama p roduction of iron was 139.0 for March, compared w ith 130.2 for February, and w ith 144.4 for March 1925. At th e end of March there were 23 furnaces active in Alabama, tw o furnaces having b een blow n out and one blow n in, a n et loss of one furnace. A year ago there were 24 furnaces active. C orrespondents sta te th a t th e market for pig iron con tin u es firm at $22 per to n , and th a t stocks of iron on furnace yards, as w ell as at foundries, are small. Press reports in d icate th a t th e second quarter opened w ith more th a n h alf th e probable ou tp u t in Alabama committed, and w ith current sales steady, althou gh n o t heavy. U nfilled Orders—U. S. Steel Corporation. U nfilled orders on hand at th e end of March by th e U nited S tates Steel Corporation to ta led 4,380,822 to n s, a decrease of 236,000 to n s compared w ith th e to ta l of 4,616,822 reported at th e end of February, and 9.9 per cent smaller th a n th e to ta l of 4,863,564 to n s reported for March 1925. T he decrease of 236,000 to n s in March compares w ith th e decrease of 265,917 to n s in February. NAVAL STORES. March, th e la st m onth of th e naval stores year, registered furth er seasonal declines in receipts at th e three principal m arkets of th e district of b o th tu rp en tin e and rosin. March receipts of tu rp en tin e th is year were 39.1 per cent smaller th a n a year ago, and receipts of rosin showed a decrease of 59.7 per cent compared w ith March 1925. Sup plies of tu rp en tin e on hand at th ese th ree m arkets at th e close of March am ounted to 26,866 barrels, smaller by 10,782 barrels th a n a m onth earlier, b ut larger by 4,035 barrels, or 17.7 per cent th a n at th e same tim e a year ago. Stocks of rosin on h and at th ese three m arkets at th e end of March were smaller th a n a m onth earlier by 51,968, barrels, and were 54,015 barrels, or 31.6 per cent smaller th a n at th e end of March 1925. S ta tistics compiled by th e T urpentine and R osin Producers A ssociation show to ta l receipts at th e th ree m arkets for th e naval stores year to have am ounted to 287,736 barrels of tu rp en tin e and 1,027,601 barrels of rosin, compared w ith 314,266 barrels of tu rp en tin e and 8 THEMONTHLYBUSINESSREVIEW R e c e ip t s — R o s i n : S a v a n n a h ......... J a c k s o n v i lle — P e n s a c o l a ......... 1 ,1 3 8 ,0 5 5 b a r r e l s o f r o s i n f o r t h e p r e v i o u s y e a r . P r i c e s t a t is t ic s p r e p a r e d b y t h a t A s s o c ia t io n s h o w t h a t t h e a v e ra g e p r ic e o f t u r p e n t in e d u r in g M a r c h w a s 9 3f c e n t s , a n d t h e a v e r a g e p r i c e o f r o s i n w a s $ 1 2 .7 0 , c o m p a r e d w i t h 8 6 c e n t s f o r t u r p e n t i n e a n d $ 7 .5 7 | f o r r o s i n p r e v a i l i n g d u r i n g M a r c h la s t y e a r. T h e a v e ra g e fo r t h e n a v a l s to re s y e a r fo r t u r p e n t i n e w a s 9 6 § c e n t s , a n d $ 1 1 .9 0 f o r r o s i n , c o m p a r e d w i t h 8 2 J f o r t u r p e n t i n e a n d $ 6 .1 5 f o r r o s i n d u r i n g t h e p r e c e d i n g y ea r. R e c e ip t s a n d s t o c k s a t t h e t h r e e p r in c ip a l m a r k e t s a re s h o w n in th e t a b le : R e c e ip t s —T u r p e n t in e : M a r . 1926 1,229 S a v a n n a h ...................................... J a c k s o n v i lle ................................. 1,535 P e n s a c o l a ............................ ..— • 735 T o t a l. F e b . 1926 1,438 2,402 841 3,599 4,681 M a r . 1925 2,150 2,769 988 5,320 11,404 3,472 10,780 17,794 4,188 14,185 30,678 5,274 T o t a l ............ S t o c k s —T u r p e n t i n e : S a v a n n a h .................. J a c k s o n v i lle -------P e n s a c o l a ................ 20,196 32,762 50,137 4,612 19,697 2,557 7,657 23,485 6,506 2,059 16,168 4,604 T o t a l ......... S to c k s—R o s in : Savannah— J a c k s o n v i lle .. S a v a n n a h ____ 26,866 37,648 22,831 34,530 65,037 17,615 53,676 94,208 21,266 51,338 87,871 31,988 117,182 169,150 171,197 T o t a l ......................................... 5,907 M O N T H L Y IN D E X N U M B E R S . T h e f o llo w in g in d e x n u m b e r s , e x c e p t w h e r e in d ic a t e d o t h e r w is e , a r e c o m p u t e d b y t h e F e d e r a l R e s e r v e B a n k o f A t l a n t a , a n d a r e b a s e d u p o n a v e r a g e f i g u r e s f o r 19 1 9 . T h a t i s , a v e r a g e m o n t h l y f i g u r e s f o r t h e y e a r 1919 a r e r e p r e s e n t e d b y 1 00, a n d t h e c u r r e n t m o n t h l y i n d e x n u m b e r s s h o w t h e r e l a t i o n o f a c t i v i t y i n t h e s e l i n e s t o t h a t p r e v a i l i n g i n 1919. R E T A IL TR A D E 6TH D IS T R IC T ( D e p a r t m e n t S t o r e s .) A t l a n t a ....................... ..................................................................... B i r m i n g h a m ................................................................................. C h a t t a n o o g a ............................................................................... N a s h v i l l e ...................................................................................... . N e w O r l e a n s ................................................................................ S a v a n n a h ........................................................................................ O t h e r C i t i e s ................................................................................. D i s t r i c t ...................................... ...................................................... M arch Ja n u a ry Fe b ru a ry M a rch 1926 1926 1925 1926 1925 9 8 .9 r 1 0 4 .9 7 1 .7 r 6 9 .0 1 0 0 .2 5 5 .5 9 3 .5 9 1 .6 r 1 0 4 .0 1 2 0 .9 6 7 .1 7 9 .4 9 0 .2 5 6 .5 1 0 2 .6 9 3 .1 1 1 7 .0 1 5 4 .5 8 1 .4 9 1 .0 1 1 0 .0 9 0 .7 1 0 6 .7 111 .1 1 0 1 .6 1 0 9 .0 6 5 .9 8 0 .1 8 5 .3 5 4 .5 8 1 .3 8 5 .5 1 0 4 .6 1 2 8 .4 8 2 .^ 9 3 .. 106. ) 6 5 .1 9 1 .5 1 0 1 .1 Ja n u a ry 1926 F e b ru a ry ] 8 7 .5 9 7 .3 8 1 .3 7 3 .1 9 5 .3 6 8 .7 7 2 .8 8 5 .9 R E T A I L T R A D E U . S . (1 ) D e p a r t m e n t S t o r e s .......................... ............................... M a l l O r d e r H o u s e s ............................................................ C h a in S t o r e s : G r o c e r y . ................................................................................. D r u g . ........................................................................................ S h o e ........................................................................................... 5 & 10 C e n t ......................................................................... M u s i c . . . ................................................................................ C a n d y ...................................................................................... C i g a r ............................. ........................................................... 115 116 105 111 130 130 109 108 100 116 121 120 281 178 108 166 101 167 127 289 172 97 170 105 173 127 302 196 143 199 112 206 142 245 155 107 151 92 162 122 246 161 149 209 120 207 140 25 5 160 127 177 105 188 131 W H O LE S A L E T R A D E 6TH D IS T R IC T G r o c e r i e s ................................................................................... D r y G o o d s ................................................................................. H a r d w a r e ................................................................................... S h o e s ............................................................................................. T o t a l . . . ...................................................................................... 1 0 6 .6 r 7 3 .3 r 1 2 2 .l r 5 2 .4 r 96. Or 9 8 .1 7 9 .0 1 0 9 .7 6 3 .3 9 0 .3 1 1 0 .7 8 9 .8 1 1 0 .2 8 6 .1 9 9 .4 9 7 .2 8 7 .3 9 4 .1 4 4 .5 8 9 .2 8 6 .6 7 1 .2 8 5 .8 5 4 .2 8 0 .2 9 1 .6 8 8 .3 9 1 .0 6 6 .6 8 8 .5 W H O L E S A L E P R I C E S U . S . (2 ) F a r m P r o d u c t s ..................................................................... F o o d s . ........................................................................................ C l o t h s a n d C l o t h i n g ....................................................... F u e l a n d L i g h t i n g ............................................................. M e t a l s a n d M e t a l P r o d u c t s ...................................... B u i l d i n g M a t e r i a l s ............................................................ C h e m i c a l s a n d D r u g s . ................................................... H o u s e F u r n i s h i n g s ........... .............................................. M i s c e l l a n e o u s . . .................................................................... A l l C o m m o d i t i e s .................................................................. 1 5 1 .8 1 5 6 .2 1 8 5 .5 1 7 6 .5 1 2 8 .9 1 7 7 .9 1 3 3 .2 1 6 4 .9 1 3 5 .3 1 5 6 .0 1 4 9 .9 1 5 3 .2 1 8 3 .9 1 7 9 .4 1 2 8 .4 1 7 7 .1 1 3 2 .3 1 6 3 .9 1 3 2 .9 1 5 5 .0 1 4 4 .0 1 5 1 .4 1 8 0 .5 1 7 5 .1 1 2 7 .7 1 7 5 .5 1 3 1 .6 1 6 3 .9 1 2 8 .3 1 5 1 .5 1 6 3 .4 1 5 9 .8 1 9 1 .1 1 6 7 .9 1 3 6 .3 1 7 9 .3 2 3 5 .2 1 7 2 .6 1 2 7 .1 1 6 0 .0 1 6 1 .5 1 5 6 .9 1 9 1 .0 1 7 7 .5 1 3 5 .6 1 8 2 .8 1 3 4 .5 1 7 2 .5 1 2 4 .5 1 6 0 .6 1 6 1 .3 1 5 8 .9 1 9 0 .7 1 7 4 .4 1 3 3 .7 1 7 9 .8 1 3 4 .2 1 7 0 .1 1 2 5 .4 1 6 1 .0 B U IL D IN G P E R M IT S 6 T H D IS T R IC T A t l a n t a ....................................................................................... B i r m i n g h a m ............................................................................ J a c k s o n v i l l e ............................................................................ N a s h v i l l e ..................................................................................... N e w O r l e a n s . ......................................................................... O t h e r C i t i e s ........................................................................... D i s t r i c t (20 C i t i e s ) .............................. ............................. 1 7 0 .4 3 8 3 .0 4 6 2 .6 3 3 1 .4 1 6 7 .6 5 7 0 .3 3 8 6 .4 6 6 3 .8 5 8 5 .9 4 8 0 .3 1 1 9 .1 5 2 4 .2 5 7 7 .9 5 6 0 .7 1 2 8 .3 8 2 2 .1 5 1 6 .9 1 3 7 .5 4 2 7 .3 5 1 1 .4 4 1 7 .7 1 6 8 .1 5 3 0 .1 1 2 5 .2 1 3 6 .4 1 4 3 .0 2 2 2 .3 2 1 4 .9 1 4 2 .5 6 9 6 .0 1 3 5 .3 9 6 2 .7 2 7 4 .7 4 1 9 .0 3 6 4 .8 1 2 3 .6 6 1 9 .9 2 1 4 .8 5 4 7 .4 2 8 0 .1 4 0 8 .3 3 3 4 .5 C O TTO N CO N SU M ED : U n i t e d S t a t e s ........................................................................ C o t t o n - G r o w i n g S t a t e s ................................................ A l l O t h e r S t a t e s .................................................................. C o t t o n E x p o r t s .................................................................... 1 0 9 .0 1 3 9 .6 7 2 .3 1 3 6 .4 1 0 6 .0 1 3 5 .2 7 1 .1 1 0 1 .1 1 1 8 .6 1 4 8 .5 8 3 .0 9 4 .5 1 1 0 .2 1 3 6 .7 7 8 .7 1 9 5 .7 1 0 2 .8 1 2 6 .2 7 5 .1 1 4 7 .6 1 0 8 .9 1 3 2 .6 8 0 .9 1 3 3 .6 P IG IR O N P R O D U C T IO N : U n i t e d S t a t e s ........................................................................ A l a b a m a ...................................................................................... 1 3 0 .1 1 4 1 .2 1 1 4 .7 1 3 0 .2 1 3 5 .1 1 3 9 .0 1 3 2 .1 1 3 1 .7 1 2 6 .1 1 2 7 .8 1 3 9 .9 1 4 4 .4 8 1 .4 7 7 .0 7 3 .1 8 4 .0 8 8 .2 8 1 .1 U N F IL L E D O R D E R S — U . S. S T E E L C O R P O R A T I O N .......................................................................... (1 ) C o m p ile d b y F e d e r a l R e s e r v e B o a r d . (2) C o m p i l e d b y B u r e a u o f L a b o r S t a t i s FRASER t ic s . (1913— 1 0 0 .) r - R e v is e d . Digitized for
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